Propert reported amount

Hello Sir,

In the following question there was an intention to sell the property but it was not sold so why the answer chosen was the fair value less cost to sell even though there was no indication of the qusetion to revalue the asset.why the answer not 36m.

Thanks

Q

180 As at 30 September 20X3 Dune Co’s property in its statement of financial position was:
Property at cost (useful life 15 years) $45 million
Accumulated depreciation $6 million
On 1 April 20X4 Dune Co decided to sell the property. The property is being marketed by a property agent at a
price of $42 million, which was considered a reasonably achievable price at that date. The expected costs to sell
have been agreed at $1 million. Recent market transactions suggest that actual selling prices achieved for this
type of property in the current market conditions are 10% less than the price at which they are marketed.
At 30 September 20X4 the property has not been sold.
At what amount should the property be reported in Dune Co’s statement of financial position as at
30 September 20X4?
A $36 million
B $37.5 million
C $36.8 million
D $42 million

Answer

180 C $36.8 million
Selling price × 90% minus selling costs.